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Leasehold Reform, Housing and Urban Development Act 1993
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3(1)For the purpose of determining the amount payable in respect of any mortgage under paragraph 2(1)—E+W
(a)a person entitled to the benefit of a mortgage to which that provision applies shall not be permitted to exercise any right to consolidate that mortgage with a separate mortgage on other property; and
(b)if the landlord or any participating tenant is himself entitled to the benefit of a mortgage to which that provision applies, it shall rank for payment as it would if another person were entitled to it, and the nominee purchaser shall be entitled to retain the appropriate amount in respect of any such mortgage of a participating tenant.
(2)For the purpose of discharging any interest from a mortgage to which paragraph 2(1) applies, a person may be required to accept three months or any longer notice of the intention to pay the whole or part of the principal secured by the mortgage, together with interest to the date of payment, notwithstanding that the terms of the security make other provision or no provision as to the time and manner of payment; but he shall be entitled, if he so requires, to receive such additional payment as is reasonable in the circumstances—
(a)in respect of the costs of re-investment or other incidental costs and expenses; and
(b)in respect of any reduction in the rate of interest obtainable on re-investment.
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